8219 Surf Dr Panama City, FL 32408

Property Details for 8219 Surf Dr

Year built

1999

Property size

5,320 SF

Property type

Residential income homes

Description

This exceptional Panama City Beach investment opportunity presents a four-unit, gulf-front duplex totaling 5,320 square feet on a 7,500 square foot lot. Built in 1999 and renovated in 2022, the property boasts a 10.86% cap rate and a substantial net operating income (NOI) of $380,000. Currently configured as four two-bedroom, two-bathroom units, the property is priced at $3,500,000, representing a price per square foot of $657.89 and a price per unit of $875,000. The property's permitted zoning allows for vacation rentals, and its unique design includes ample space underneath, providing additional parking and potential for various uses. Recent rental performance demonstrates significant income potential, exceeding $300,000 in bookings since March. Projected annual rental income is estimated at $385,000. The property's location offers unparalleled access to the Gulf, and its size allows for accommodating up to 35 guests simultaneously, making it ideal for large group rentals or events. With available contractor quotes for upgrades, this property presents a strong value-add opportunity with significant upside potential. The property's structural soundness and below-market price make it an attractive investment for both seasoned investors and those seeking a high-return fix-and-flip project. The substantial lot size of 7,500 square feet, along with an additional 7,500 square feet of air rights, offers further development potential. This is a rare opportunity to acquire a prime gulf-front property in Panama City Beach at a significantly discounted price.